When you think about recent tax law changes and your business, retirement benefits probably aren’t what first come to mind. But if your business sponsors a 401(k) plan, be aware of two changes: 1) Beginning in 2018, former employees with outstanding plan loan balances have until their tax return filing due date (plus extensions) to repay the loan or contribute the outstanding balance to an IRA or other qualified plan and avoid taxes and penalties. 2) Beginning in 2019, limits on employee 401(k) hardship withdrawals will increase. Contact us to learn more.
2 tax law changes that may affect your business’s 401(k) plan
- Payable-on-Death Accounts: Beneficial Tools if Used Correctly
- Is Your Business Closing? Here Are Your Final Tax Responsibilities.
- 4 Ways Corporate Business Owners Can Help Ensure Compensation is “Reasonable”.
- Tax Records: What Can You Toss and What Should You Keep?
- Designing for Efficiency: Engineers and Architects Benefit from Increased 179D Deduction on Government Buildings
